Parents: do kids learn about $$$ in school?

[dharmagirl]

If they don’t – why not? I dont have children so I’m not expert on what schools are/are not teaching these days.

When I was in high school in the early 1980s, Phys. Ed was an absolute requirement; so was algebra, geometry, etc. I was also forced to take typing because it was considered to be a “survival” skill for college.

However, we never, ever had a class on money management, the credit system, etc. Money – how much you had, how you earned it, etc. always seemed to be a “impolite” and inappropriate topic in the affluent community where I grew up.

Shouldnt financial education be required for students? Just like Phys Ed? Or would it be assuming that people will exercise every day because they were forced to take Phys. Ed?

I received my first Citibank credit card solicitation in 1985, for a card with a $500 limit. I remember that I felt “honored” – like I was “grown up.”

However, I had no CLUE how to manage money. My old-fashioned father often told me, “women should not concern themselves about things like money – that’s a man’s job.” I once asked my dad to take me to the bank to show me how he made deposits and he said, “don’t you worry about that – your husband will do that for you someday, honey.” I know it sounds crazy, but I think many women were raised with that mentality.

So, while I happily charged my shiny new Citi card to the max – they increased the limit and dept. stores soon jumped on the bandwagon.

At age 22, I had 12 different credit cards. The bills came, and I stuffed them in my desk drawer. I think I hoped they would just go away.

After a few months, collection agencies began to call and threatened to call my employer (this was over 20 years ago) and garnish my wages.

My first “real job” was at a high profile investment banking firm with famous clients (the minimum portfolio requirement was $20 million in 1985). Needless to say, they would not have been amused with a collection agency call, and that was my “come to Jesus” moment.

My parents reluctantly bailed me out. However, they made me sit down at the kitchen table and explain/justify every single charge. It was humiliating and I learned my lesson.

At work, I also learned about credit reports. My firm sometimes ran TRW reports on potential clients. Realizing that one’s financial mistakes were not entirely private made my head spin and I “got it.”

So, along with gym class, typing and home ec, I wish I had learned how to handle money responsibly in school because it was almost taboo with my family. My dad was almost secretive about it and mom was happy to not worry about it.

My sister-in-law works for a credit union that does financial ed workshops for underprivileged kids. But what about other kids? I’m genuinely curious: is this is taught in schools now?

Sorry this is so long-winded, but I “financial illiteracy” is clearly the norm and not the exception. Our current economic climate is proof.

How do you parents out there instill a respect of money with your own children? I cant imagine how difficult that must be in our consumerist society is….

[Coronita]

I didn't learn squat about money from schools. I learned most from my parents. I went to a public school. I was lucky because my parents gave me a savings account when i was in elementary, and custodian stock trading account when I was in 8th grade, and funding it with the bare minimum to keep the account open, I think total about $10k- mainly to teach me about things about finances. They explained to me about how credit works, and why I couldn't have a CC yet until i was in college. Everything else, allowances when little, part time work when I was in high school went directly into the account, and whatever I spent came from that account.
 

Talking to other parents recently, I find out that kids that go to private schools are being taught about money (exercises like if you borrow $1000 from a credit card with 20% apr, how much is the balance making $20 monthly payments in 10 years).

When I went to public schools, my understanding at the time for why why public schools don't teach about money is along the same lines of why they don't teach a specific religion in public schools. Money/finance is a touchy subject just like religion. At the public school level, concerns about "offending" a family/parents that's family "values" don't jive with what they are teaching. And public schools needs to appeal to the most common denominator when it comes to what is "acceptable content" to almost everyone.

For example, a public school teacher that teaches about interest compounding from making $20/month minimum CC payments on a $10,000 balance might make perfect as a math problem, but a parent that is in such a financial mess may very well get offended by this, as it questions they parent's judgement, family "values",etc. As such, my experience was public school teachers often avoid such topics that can be perceived as "controversial", and quite often you end up with the traditional theretical, but otherwise useless math problems, and the connection to real finances/life is pretty much left up to the kid to figure out.

Private/charter schools are probably different , because I think most people who put their kids in private/charter school I would say have the same sort of concerns about education for their kids, and I would guess the schools have slightly more leeway in what they can teach. For example, parents that spend $30k/year on a private school probably won't be complaining about teachers that teach about the interest rate compounding problem above (though religion is probably still going to be an issue).

Public schools could have changed since the time I attended them and have gotten better, though my understanding when it comes to math, teachers are more concerned about getting students to pass the API tests than about teaching gifted kids that are above average..

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I didn't learn squat about money from schools. I learned most from my parents. I went to a public school. I was lucky because my parents gave me a savings account when i was in elementary, and custodian stock trading account when I was in 8th grade, and funding it with the bare minimum to keep the account open, I think total about $10k- mainly to teach me about things about finances. They explained to me about how credit works, and why I couldn't have a CC yet until i was in college. Everything else, allowances when little, part time work when I was in high school went directly into the account, and whatever I spent came from that account.
 

Talking to other parents recently, I find out that kids that go to private schools are being taught about money (exercises like if you borrow $1000 from a credit card with 20% apr, how much is the balance making $20 monthly payments in 10 years).

When I went to public schools, my understanding at the time for why why public schools don't teach about money is along the same lines of why they don't teach a specific religion in public schools. Money/finance is a touchy subject just like religion. At the public school level, concerns about "offending" a family/parents that's family "values" don't jive with what they are teaching. And public schools needs to appeal to the most common denominator when it comes to what is "acceptable content" to almost everyone.

For example, a public school teacher that teaches about interest compounding from making $20/month minimum CC payments on a $10,000 balance might make perfect as a math problem, but a parent that is in such a financial mess may very well get offended by this, as it questions they parent's judgement, family "values",etc. As such, my experience was public school teachers often avoid such topics that can be perceived as "controversial", and quite often you end up with the traditional theretical, but otherwise useless math problems, and the connection to real finances/life is pretty much left up to the kid to figure out.

Private/charter schools are probably different , because I think most people who put their kids in private/charter school I would say have the same sort of concerns about education for their kids, and I would guess the schools have slightly more leeway in what they can teach. For example, parents that spend $30k/year on a private school probably won't be complaining about teachers that teach about the interest rate compounding problem above (though religion is probably still going to be an issue).

Public schools could have changed since the time I attended them and have gotten better, though my understanding when it comes to math, teachers are more concerned about getting students to pass the API tests than about teaching gifted kids that are above average..

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I didn't learn squat about money from schools. I learned most from my parents. I went to a public school. I was lucky because my parents gave me a savings account when i was in elementary, and custodian stock trading account when I was in 8th grade, and funding it with the bare minimum to keep the account open, I think total about $10k- mainly to teach me about things about finances. They explained to me about how credit works, and why I couldn't have a CC yet until i was in college. Everything else, allowances when little, part time work when I was in high school went directly into the account, and whatever I spent came from that account.
 

Talking to other parents recently, I find out that kids that go to private schools are being taught about money (exercises like if you borrow $1000 from a credit card with 20% apr, how much is the balance making $20 monthly payments in 10 years).

When I went to public schools, my understanding at the time for why why public schools don't teach about money is along the same lines of why they don't teach a specific religion in public schools. Money/finance is a touchy subject just like religion. At the public school level, concerns about "offending" a family/parents that's family "values" don't jive with what they are teaching. And public schools needs to appeal to the most common denominator when it comes to what is "acceptable content" to almost everyone.

For example, a public school teacher that teaches about interest compounding from making $20/month minimum CC payments on a $10,000 balance might make perfect as a math problem, but a parent that is in such a financial mess may very well get offended by this, as it questions they parent's judgement, family "values",etc. As such, my experience was public school teachers often avoid such topics that can be perceived as "controversial", and quite often you end up with the traditional theretical, but otherwise useless math problems, and the connection to real finances/life is pretty much left up to the kid to figure out.

Private/charter schools are probably different , because I think most people who put their kids in private/charter school I would say have the same sort of concerns about education for their kids, and I would guess the schools have slightly more leeway in what they can teach. For example, parents that spend $30k/year on a private school probably won't be complaining about teachers that teach about the interest rate compounding problem above (though religion is probably still going to be an issue).

Public schools could have changed since the time I attended them and have gotten better, though my understanding when it comes to math, teachers are more concerned about getting students to pass the API tests than about teaching gifted kids that are above average..

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I didn't learn squat about money from schools. I learned most from my parents. I went to a public school. I was lucky because my parents gave me a savings account when i was in elementary, and custodian stock trading account when I was in 8th grade, and funding it with the bare minimum to keep the account open, I think total about $10k- mainly to teach me about things about finances. They explained to me about how credit works, and why I couldn't have a CC yet until i was in college. Everything else, allowances when little, part time work when I was in high school went directly into the account, and whatever I spent came from that account.
 

Talking to other parents recently, I find out that kids that go to private schools are being taught about money (exercises like if you borrow $1000 from a credit card with 20% apr, how much is the balance making $20 monthly payments in 10 years).

When I went to public schools, my understanding at the time for why why public schools don't teach about money is along the same lines of why they don't teach a specific religion in public schools. Money/finance is a touchy subject just like religion. At the public school level, concerns about "offending" a family/parents that's family "values" don't jive with what they are teaching. And public schools needs to appeal to the most common denominator when it comes to what is "acceptable content" to almost everyone.

For example, a public school teacher that teaches about interest compounding from making $20/month minimum CC payments on a $10,000 balance might make perfect as a math problem, but a parent that is in such a financial mess may very well get offended by this, as it questions they parent's judgement, family "values",etc. As such, my experience was public school teachers often avoid such topics that can be perceived as "controversial", and quite often you end up with the traditional theretical, but otherwise useless math problems, and the connection to real finances/life is pretty much left up to the kid to figure out.

Private/charter schools are probably different , because I think most people who put their kids in private/charter school I would say have the same sort of concerns about education for their kids, and I would guess the schools have slightly more leeway in what they can teach. For example, parents that spend $30k/year on a private school probably won't be complaining about teachers that teach about the interest rate compounding problem above (though religion is probably still going to be an issue).

Public schools could have changed since the time I attended them and have gotten better, though my understanding when it comes to math, teachers are more concerned about getting students to pass the API tests than about teaching gifted kids that are above average..

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[Coronita]

I didn't learn squat about money from schools. I learned most from my parents. I went to a public school. I was lucky because my parents gave me a savings account when i was in elementary, and custodian stock trading account when I was in 8th grade, and funding it with the bare minimum to keep the account open, I think total about $10k- mainly to teach me about things about finances. They explained to me about how credit works, and why I couldn't have a CC yet until i was in college. Everything else, allowances when little, part time work when I was in high school went directly into the account, and whatever I spent came from that account.
 

Talking to other parents recently, I find out that kids that go to private schools are being taught about money (exercises like if you borrow $1000 from a credit card with 20% apr, how much is the balance making $20 monthly payments in 10 years).

When I went to public schools, my understanding at the time for why why public schools don't teach about money is along the same lines of why they don't teach a specific religion in public schools. Money/finance is a touchy subject just like religion. At the public school level, concerns about "offending" a family/parents that's family "values" don't jive with what they are teaching. And public schools needs to appeal to the most common denominator when it comes to what is "acceptable content" to almost everyone.

For example, a public school teacher that teaches about interest compounding from making $20/month minimum CC payments on a $10,000 balance might make perfect as a math problem, but a parent that is in such a financial mess may very well get offended by this, as it questions they parent's judgement, family "values",etc. As such, my experience was public school teachers often avoid such topics that can be perceived as "controversial", and quite often you end up with the traditional theretical, but otherwise useless math problems, and the connection to real finances/life is pretty much left up to the kid to figure out.

Private/charter schools are probably different , because I think most people who put their kids in private/charter school I would say have the same sort of concerns about education for their kids, and I would guess the schools have slightly more leeway in what they can teach. For example, parents that spend $30k/year on a private school probably won't be complaining about teachers that teach about the interest rate compounding problem above (though religion is probably still going to be an issue).

Public schools could have changed since the time I attended them and have gotten better, though my understanding when it comes to math, teachers are more concerned about getting students to pass the API tests than about teaching gifted kids that are above average..

 

 

[img_assist|nid=5962|title=selfportrait|desc=|link=node|align=left|width=100|height=80]

—– Sour grapes for everyone!

[kewp]

Regardless of education, I think there is a certain portion of the population that will borrow as much money as anyone will lend them with no intention of ever paying it back.

[kewp]

Regardless of education, I think there is a certain portion of the population that will borrow as much money as anyone will lend them with no intention of ever paying it back.

[kewp]

Regardless of education, I think there is a certain portion of the population that will borrow as much money as anyone will lend them with no intention of ever paying it back.

[kewp]

Regardless of education, I think there is a certain portion of the population that will borrow as much money as anyone will lend them with no intention of ever paying it back.

[kewp]

Regardless of education, I think there is a certain portion of the population that will borrow as much money as anyone will lend them with no intention of ever paying it back.

[seattle-relo]

Back in ’89, my senior year of HS, we had an Econ class. Honestly I don’t remember much of the content. I do remember really enjoying it and getting an “A”, but I just don’t recall the focus – personal money management and debt vs global/national issues.

On the home front money was a topic that wasn’t always appropriate to talk about. I came from “both sides of the tracks”…my father came from a well educated, financially astute family (especialy my grandmother) and my mom came from very working class non-savers family. After my dad died my paternal grandparents helped us out when needed and bought us a house to live in. I remember my paternal grandmother listening to the radio to get the market numbers. She would always write them down and had a ledger that she followed. She was an amazing saver, but talking about money wasn’t appropriate so learning her lessons was hard. Also she was a German-American, which in itself has certain cultural isssues that don’t lend themselves to talking about personal things such as finance. On the other hand, my mothers family always talked about money – the fact that they didn’t have it and the envy of others that did. They worked hard, but weren’t much into saving. There was a lot of competition regarding material things “The more I have, the better I am”. Yet when people in that family did attain material things, there usually was some sort of jealousy that would surface.

Suffice it to say I didn’t learn money management and debt management from my family…I learned it the hard way, by making a lot of mistakes. I like to consider myself a “recovering hyperconsumer”, sometimes I have moments of relapse, but I can usually talk myself out of going down the wrong path.

My kids are in grade school, and I wouldn’t say there is much in terms of talking about money in the classroom. However, my first grader did have some class discussion on “wants vs needs” and has talked a little about different countries and what products they produce. My husband and I have been working very hard at teaching our children about responsible savings and being more mindful about spending. We recently had a playdate and the little girl was telling me all about the “stuff” she has (I am good friends with her mom and am well aware of her serious debt addiction), then we talked about earning and saving money – my son is saving for a DS. The little girl just looked at me and laughed she said ” That’s so funny, you don’t have to earn money and save for toys, if you want it you just get it, and if you don’t have money you just use your credit card…that’s so silly” – wow, out of the mouth of babes!

Well hopefully todays youth will learn some lessons as they observe their parents coping with the current economy.

[seattle-relo]

Back in ’89, my senior year of HS, we had an Econ class. Honestly I don’t remember much of the content. I do remember really enjoying it and getting an “A”, but I just don’t recall the focus – personal money management and debt vs global/national issues.

On the home front money was a topic that wasn’t always appropriate to talk about. I came from “both sides of the tracks”…my father came from a well educated, financially astute family (especialy my grandmother) and my mom came from very working class non-savers family. After my dad died my paternal grandparents helped us out when needed and bought us a house to live in. I remember my paternal grandmother listening to the radio to get the market numbers. She would always write them down and had a ledger that she followed. She was an amazing saver, but talking about money wasn’t appropriate so learning her lessons was hard. Also she was a German-American, which in itself has certain cultural isssues that don’t lend themselves to talking about personal things such as finance. On the other hand, my mothers family always talked about money – the fact that they didn’t have it and the envy of others that did. They worked hard, but weren’t much into saving. There was a lot of competition regarding material things “The more I have, the better I am”. Yet when people in that family did attain material things, there usually was some sort of jealousy that would surface.

Suffice it to say I didn’t learn money management and debt management from my family…I learned it the hard way, by making a lot of mistakes. I like to consider myself a “recovering hyperconsumer”, sometimes I have moments of relapse, but I can usually talk myself out of going down the wrong path.

My kids are in grade school, and I wouldn’t say there is much in terms of talking about money in the classroom. However, my first grader did have some class discussion on “wants vs needs” and has talked a little about different countries and what products they produce. My husband and I have been working very hard at teaching our children about responsible savings and being more mindful about spending. We recently had a playdate and the little girl was telling me all about the “stuff” she has (I am good friends with her mom and am well aware of her serious debt addiction), then we talked about earning and saving money – my son is saving for a DS. The little girl just looked at me and laughed she said ” That’s so funny, you don’t have to earn money and save for toys, if you want it you just get it, and if you don’t have money you just use your credit card…that’s so silly” – wow, out of the mouth of babes!

Well hopefully todays youth will learn some lessons as they observe their parents coping with the current economy.

[seattle-relo]

Back in ’89, my senior year of HS, we had an Econ class. Honestly I don’t remember much of the content. I do remember really enjoying it and getting an “A”, but I just don’t recall the focus – personal money management and debt vs global/national issues.

On the home front money was a topic that wasn’t always appropriate to talk about. I came from “both sides of the tracks”…my father came from a well educated, financially astute family (especialy my grandmother) and my mom came from very working class non-savers family. After my dad died my paternal grandparents helped us out when needed and bought us a house to live in. I remember my paternal grandmother listening to the radio to get the market numbers. She would always write them down and had a ledger that she followed. She was an amazing saver, but talking about money wasn’t appropriate so learning her lessons was hard. Also she was a German-American, which in itself has certain cultural isssues that don’t lend themselves to talking about personal things such as finance. On the other hand, my mothers family always talked about money – the fact that they didn’t have it and the envy of others that did. They worked hard, but weren’t much into saving. There was a lot of competition regarding material things “The more I have, the better I am”. Yet when people in that family did attain material things, there usually was some sort of jealousy that would surface.

Suffice it to say I didn’t learn money management and debt management from my family…I learned it the hard way, by making a lot of mistakes. I like to consider myself a “recovering hyperconsumer”, sometimes I have moments of relapse, but I can usually talk myself out of going down the wrong path.

My kids are in grade school, and I wouldn’t say there is much in terms of talking about money in the classroom. However, my first grader did have some class discussion on “wants vs needs” and has talked a little about different countries and what products they produce. My husband and I have been working very hard at teaching our children about responsible savings and being more mindful about spending. We recently had a playdate and the little girl was telling me all about the “stuff” she has (I am good friends with her mom and am well aware of her serious debt addiction), then we talked about earning and saving money – my son is saving for a DS. The little girl just looked at me and laughed she said ” That’s so funny, you don’t have to earn money and save for toys, if you want it you just get it, and if you don’t have money you just use your credit card…that’s so silly” – wow, out of the mouth of babes!

Well hopefully todays youth will learn some lessons as they observe their parents coping with the current economy.

[seattle-relo]

Back in ’89, my senior year of HS, we had an Econ class. Honestly I don’t remember much of the content. I do remember really enjoying it and getting an “A”, but I just don’t recall the focus – personal money management and debt vs global/national issues.

On the home front money was a topic that wasn’t always appropriate to talk about. I came from “both sides of the tracks”…my father came from a well educated, financially astute family (especialy my grandmother) and my mom came from very working class non-savers family. After my dad died my paternal grandparents helped us out when needed and bought us a house to live in. I remember my paternal grandmother listening to the radio to get the market numbers. She would always write them down and had a ledger that she followed. She was an amazing saver, but talking about money wasn’t appropriate so learning her lessons was hard. Also she was a German-American, which in itself has certain cultural isssues that don’t lend themselves to talking about personal things such as finance. On the other hand, my mothers family always talked about money – the fact that they didn’t have it and the envy of others that did. They worked hard, but weren’t much into saving. There was a lot of competition regarding material things “The more I have, the better I am”. Yet when people in that family did attain material things, there usually was some sort of jealousy that would surface.

Suffice it to say I didn’t learn money management and debt management from my family…I learned it the hard way, by making a lot of mistakes. I like to consider myself a “recovering hyperconsumer”, sometimes I have moments of relapse, but I can usually talk myself out of going down the wrong path.

My kids are in grade school, and I wouldn’t say there is much in terms of talking about money in the classroom. However, my first grader did have some class discussion on “wants vs needs” and has talked a little about different countries and what products they produce. My husband and I have been working very hard at teaching our children about responsible savings and being more mindful about spending. We recently had a playdate and the little girl was telling me all about the “stuff” she has (I am good friends with her mom and am well aware of her serious debt addiction), then we talked about earning and saving money – my son is saving for a DS. The little girl just looked at me and laughed she said ” That’s so funny, you don’t have to earn money and save for toys, if you want it you just get it, and if you don’t have money you just use your credit card…that’s so silly” – wow, out of the mouth of babes!

Well hopefully todays youth will learn some lessons as they observe their parents coping with the current economy.

[Author]

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